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Honest John's Car Dealership advertises no credit will be refused plan as follows. You pay $1,000 up front and $100 at the end of each
Honest John's Car Dealership advertises "no credit will be refused" plan as follows. You pay $1,000 up front and $100 at the end of each week until the loan is paid off. | |
a | How many weeks would it take to pay for a $30,000 car if Honest John earns 5.00% EAR? |
b | If Honest John will accept the car at 15% of its original price as the last payment, how many weeks of payments would be needed to pay for the car? (assuming that the car is in good condition) |
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